DiNapoli: The state may have your money

by jmaloni

Submitted

Mon, Jan 27th 2014 03:15 pm

New
York state's unclaimed funds total $12.5 billion

Interactive
map shows unclaimed funds by county

New York State Comptroller Thomas P. DiNapoli today
urged New Yorkers to see if any of the $12.5 billion in lost and forgotten
money currently being held by his office could be theirs. More than 30 million
accounts are unclaimed in New York, some dating back to the 1940s. An
interactive map created by DiNapoli's office shows the number of outstanding
accounts and monetary values by county.

"Every New Yorker should visit our website to see if
my office is holding any money in their name. It's likely that some of the
$12.5 billion in unclaimed funds belongs to you, a family member or friend," DiNapoli
said. "Fortunately, it is easier than ever to search for and claim lost money. Just
a few minutes on our website is often all it takes to reclaim what is
rightfully yours."

A large portion of unclaimed funds derives from
dormant bank accounts, uncashed checks, insurance accounts and stocks. The
money is turned over by financial institutions and companies to DiNapoli's
office to manage after a period of dormancy, usually three years. Although the
average claim paid is less than $100, the largest account currently being held
by DiNapoli's office for an individual is $1.7 million.

On average, DiNapoli's office returns $1 million a
day. In most cases, checks are sent to owners within three-to-five days after a
claim is submitted. Some claims, such as those involving estates, may require
more paperwork to claim.

New Yorkers can search for lost money for free by
visiting the office of unclaimed
funds' website or by calling the call center toll-free at 1-800-221-9311.
More than 5,500 visitors access the website each day, and more than 500 callers
contact the call center to search for lost money.

DiNapoli released statewide regional data including
the number of outstanding accounts and total dollar values by county, as well
as information on claims paid in 2012. The regional data represented in the
statewide map does not include accounts that have unknown ownership or those
with incomplete addresses.